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Credit Suisse to Pay $885M in FHFA Fraud Case

Credit Suisse Group AG (TICKER:CSGN) has agreed to pay $885 million to resolve claims by a U.S. regulator that the Swiss bank misled Fannie Mae and Freddie Mac into buying mortgage-backed securities that later went sour.The settlement announced on Friday would resolve claims in two lawsuits filed in New York by the Federal Housing Finance Agency (FHFA), the conservator since 2008 for the government-controlled mortgage companies.It is the ninth settlement that the FHFA has reached in litigation that began in 2011, when it filed 18 lawsuits over some $200 billion in mortgage-backed securities, an investment product at the center of the recent global financial crisis.The accord resolves claims pending in New York federal court against Credit Suisse over $16.6 billion of securities sold to Fannie and Freddie, and ends what the Swiss bank called the largest mortgage-related investor litigation it still faced.Credit Suisse will pay $234 million to Fannie Mae and $651 million to Freddie Mac, ...

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  1. Bank of America seeks U.S. mortgage bond lawsuits dismissal

    Bank of America Corp asked a federal court on Friday to throw out two U.S. government lawsuits accusing the nation's second-largest bank of defrauding investors duri...

  2. Bank Of America Pursued For $6 Billion FHFA Fine

    Regulators at the Federal Housing Finance Agency are looking to hit Bank of America Corp. with a fine of more than $6 billion for its role in misleading mortgage aut...

  3. J.P. Morgan Resists $6 Bln MBS Settlement: FT

    J.P. Morgan Chase is resisting a demand from U.S. authorities that it pay more than $6 billion to settle allegations it missold securities to government-backed mortg...

  4. Audit: Fannie, Freddie Mask Billions in Losses

    Fannie Mae and Freddie Mac are masking billions of dollars losses because of the level of delinquent home loans they carry, a federal watchdog said in an internal re...

  5. Housing Finance Reform: What's Next?

    The days of "liar loans" and loan approvals based on not much more than a heartbeat are long gone, but the fallout from the housing crisis is far from over. While ho...

  6. Report raises concerns about U.S. housing aid program

    Nearly half of the mortgages modified in 2009 under the Obama administration's signature homeowner rescue effort are in default again, according to a report on Wedne...

  7. UBS 2Q Profits Beat Expectations

    UBS's second-quarter profit beat forecasts even though it agreed to settle a lawsuit with the U.S. housing regulator over the mis-selling of mortgage-backed bonds, b...

  8. A Little-Known Way to Reduce Your Mortgage Payment

    For consumers purchasing or refinancing a home with less than 20% equity or 20% down, there's a little-known fee that will apply to the total mortgage payment, effec...

  9. Q-and-A With a Reformed Mortgage Crook

    Kevin Barnes made a lot of money by cheating the system to give homebuyers fraudulent loans that they couldn't afford. Once the FBI knocked on his door, he lost his ...

  10. U.S. Government Posts Surplus in June

    The U.S. government posted a budget surplus in June, the latest sign of rapidly improving public finances that could reduce the urgency in Congress to strike a deal ...

  11. HAMP Mortgage-Modification Program Extended

    Struggling homeowners will get more time to take advantage of a federal consumer-mortgage modification initiative.The White House announced Thursday the extension of...

  12. How to Make Your Home Bid Stand Out

    Home sellers in some markets are receiving multiple bids, and when it comes to picking the best offer, experts warn it's not all about price. "The highest offer is n...

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  2. Fix Costly Errors in Flood Insurance Quotes

    As with other homeowners facing skyrocketing flood insurance costs, Jane Drake was shocked when the flood insurance premium on her South Carolina beach house climbed...

  3. Solar panel startup looks to triple growth in 2014

    Pure Energies co-founder Chris Stern says of the 1 million homes that qualify for solar panels, only 200,000 will install panels this year.

  4. Fairholme Eyes Fannie, Freddie Governance Action

    Fairholme Capital Management has sent letters to the boards of U.S. government-controlled Fannie Mae and Freddie Mac seeking corporate governance actions, in a push ...

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  7. OPINION: The Folly of 'Shared Appreciation' Mortgage Modifications

    Fannie Mae and Freddie Mac, the federally regulated mortgage companies that buy two-thirds of home loans in New York, do not forgive outstanding mortgages.Neverthele...

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